With potential calamity near, Democrats and Republicans worked together to make the changes necessary to add decades of solvency to the program. There were elements of the package we adopted in 1983 that I did not like, but it ensured that Social Security would be there for future generations.

The situation we face today is not the same. Unchanged, Social Security will make every scheduled payment through 2033. There are not many programs in Washington or in any state that can say they will make every scheduled payment for more than 20 years.

Put simply: Social Security is not in crisis. Unlike tax cuts for the middle class or unemployment benefits for those looking for work, Social Security is not facing an urgent deadline as part of the "fiscal cliff." What's more, Social Security does not add a penny to our deficit. It has a substantial trust fund and continues to bring in new funds annually through payroll taxes. For that reason, we should be focusing these negotiations on those policies that have created the fiscal cliff.

As I learned in 1983, putting off a challenge until the last minute makes the task much harder to achieve. However, if we make modest changes in the near future to ensure 75 years of solvency in Social Security, we can phase in adjustments in a responsible way that protects current beneficiaries and ensures the program will remain a key part of the safety net for future generations.

The best way to approach this is to create a commission, similar to the Simpson-Bowles deficit panel, charged with preparing a long-term strategy on Social Security. Then bring it to the Congress next year for a debate and a vote.

This separate approach does not diminish the importance of Social Security. Instead, it puts it on a course for long-term reforms separate from deficit reduction negotiations.